CENTERS OF EXCELLENCE (COE) “Our Job is Jobs” The Centers of Excellence program plays a unique role in helping to grow sophisticated technology based companies in Utah, by filling funding gaps and encouraging entrepreneurs to partner with Utah colleges and universities, to effectively commercialize technology from these institutions. 5 4
Angel Capital
Venture Capital (including Fund of Funds)
3
The Stepping Stones to Job-Creating Companies
2
Centers of Excellence Licensee Grants
Friends & Family Funding
1
University Research and Technology (Federal, Corporate, USTAR)
Licensee Grants Come to Fruition During FY2007-08 During the 2007 Legislative Session, the Legislature passed and the Governor signed into law changes to the COE statute that permitted ongoing support of grants to licensees of technologies developed at Utah’s colleges and universities. Due to these changes, during the FY2007-08 selection process, licensees of any former Center of Excellence were eligible to apply for a Licensee Grant. For FY2007-08, the funded teams included 9 licensees, 3 of which had Companion Centers which were also recommended for funding. Another 8 stand-alone University Centers received funding, for a total of 11 University Centers, and a final 8 University Grantees received “Business Team” support, which is intended to develop a better understanding of the market before further grants are made. For FY2007-08 the Centers of Excellence program supported a total of 28 teams, and 25 different technologies, with 20 selected for significant development funding.
The purpose of the Centers of Excellence program is to accelerate the commercialization of promising technologies that have strategic value for Utah. The end goal of the COE program is to help drive economic development and job creation.
The excellent progress made by the licensees funded during FY2007-08 in creating jobs and expanding the success of their businesses and strengthening Utah’s economy led to significant changes to the program for FY2008-09. The program has been refocused to help provide funding to the licensee, the company that is licensing a university-developed technology. The intent of this grant funding is to help accelerate the process of taking these leading edge technologies to market. Companies of any size are eligible to apply, including startups as well as existing companies that are planning to create a new product or product line from the licensed technology. The goal of these funds is to help defray the risk in taking these innovative new technologies to market in order to encourage more such licensing and the accompanying job creation that comes from exciting new market opportunities.
Governor’s Office of Economic Development • Annual Report 2008
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